Clothing brand Coast collapses into administration, putting 300 jobs at risk
PUBLISHED: 08:42 12 October 2018 | UPDATED: 11:10 12 October 2018
ARCHANT NORFOLK PHOTOGRAPHIC © 2005
Womenswear chain Coast is the latest brand to collapse into administration, amid Britain’s high street crisis.
The chain has three concessions in Norwich’s Debenhams, House of Fraser, and John Lewis.
It also has concessions in Debenhams stores in Ipswich and Colchester.
There are 300 jobs at risk as a result of the news.
The firm’s staff were being informed on Thursday evening that PwC has been drafted in to carry out the process, with all 24 standalone sites to close.
According to the Press Association, rival Karen Millen has bought the group’s brand and website, taking on 600 staff but a remaining 300 are still at risk.
Coast has been hit hard by the collapse of House of Fraser, which went into administration earlier this year owing millions to retailers with concessions within the department store.
Coast is owned by Aurora Fashions, which also owns retailers Oasis and Warehouse.
Aurora itself is owned by Icelandic bank Kaupthing, which in turn owns Karen Millen.
The news comes just a day after Patisserie Valerie, a cafe chain, announced that it had found a “black hole” in its finances, and would cease trading without an “immediate” cash injection.